Bitcoin ETF Countdown – You Can Participate
Starting June 2018, the United State Securities and Exchange Commission (SEC) began examining an application from the Chicago Board Options Exchange (CBOE) Global Markets, which would allow the listing of a Bitcoin ETF.
The Application in Question: https://www.sec.gov/rules/sro/cboebzx/2018/34-83520.pdf
The Bitcoin ETF, offered by the VanEck SolidX Bitcoin Trust, provides a lower risk opportunity for market participants to invest in Bitcoin and would definitely increase the price of Bitcoin upon launch. However, getting approval has posed difficult.
So far VanEck SolidX, a joint venture between VanEck and SolidX, has attempted and failed on multiple occasions as well as many other financial firms. But there are some things to consider this time.
No. 1: Would there be insurance on the holdings of the ETF that would protect those purchasing the ETF?
One reason the SEC declined previous application was because there was no insurance on the holdings. Because CBOE would be listing the ETF, they would have insurance to back up the holdings.
No. 2: Is Bitcoin considered a security or a non-security?
Originally the SEC did not have a conclusion on whether Bitcoin would be considered a security and cited this inability to draw some line to be a primary driver for its disapproval for the license. More recently however, the SEC chairman established that Bitcoin was not a security which lends to its more suitable position as an ETF.
These are just two primary points among others and it would seem Bitcoin has a much higher odd of becoming an ETF. For now, the thing to watch would be August 10, the date of actual decision as most Bitcoin investors will know how to make a better investment once the decision is made.
In the meantime, you could write to the SEC regarding the decision and attempt to provide discussion on various ways in which the approval could be positive for everyone involved.
The SEC allows the following 3 methods which could be found on their website.
Submit comments via an Online Form: https://www.sec.gov/rules/submitcomments.htm
Contact Via Email
Send comments to [email protected].
The subject line of your message must include the File Number for the rule. This is the number that begins “S7-” or “SR-”.
If you attach a document, indicate the format or software used (e.g., PDF, Word Perfect, MS Word, ASCII text, etc.) to create the attachment.
Please note that we now accept comment letters in PDF format.
DO NOT submit attachments as HTML, GIF, TIFF, PIF, ZIP, or EXE.Send 3 copies of your paper comment letter to:
Brent Fields, Secretary
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-0609
Each copy must list the “File Number” for the rule. This is the number that begins “S7-” or “SR-”.
do u really think bitcoin will cross 10000$?
Definitely, but the real question is when? If an ETF is launched, it will have very positive repercussions and could push the price much higher.